The GOP party line on the expiring 2017 tax law has been to extend and make it permanent, but changing politics and growing debt has House Republicans charged with reviewing the provisions shifting away from that message.
Lower tax rates on individuals, relief from the alternative minimum tax, treatment of money U.S. companies make abroad, small-business deductions and other provisions established by 2017 law are set to expire at the end of next year.
The impending tax cliff has prompted lawmakers to start laying the groundwork for 2025, even though no one can predict the outcome of November’s elections.
